The deal "creates a strong international company better positioned to compete with growing global exchanges and the over-the-counter market," argues CME executive chairman, Terry Duffy.

"Starting on day one, our combined company will be ready to compete in the global environment-well-armed for growth and innovation," adds Bernard Dan, CEO, CBOT.

ICE chief executive Jeffrey Sprecher said in a statement that he was disappointed by the outcome of the vote, but added that the bidding war produced nearly $3 billion of extra value for CBOT investors. "The future winners in our industry may not be the biggest or oldest players," Sprecher said. "Success will be determined by the ability to adapt quickly to changing markets and innovate responsively in creating new products and serving customers around the globe."